Fund Description

The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowings) in financial instruments that, in combination, provide 1.75X monthly leveraged exposure to the Index; the Index is a modified market capitalization-weighted index of large domestic and international non-financial companies listed on the NASDAQ Stock Market. The Index covers industry groups including computer hardware and software, communication services, retail/wholesale trade, and biotechnology, and excludes financial and investment companies. Holdings may include index securities, ETFs, and derivatives, most commonly swap agreements, and the fund may trade frequently and is non-diversified.